Import of mobile phones surges by 106% to Rs96.33 billion in first half

KARACHI: Pakistan has imported mobile phones worth Rs96.33 billion, showing an increase of 106 percent during first half (July – December) of 2019/2020.

According to data released by Pakistan Bureau of Statistics (PBS), the import of mobile phones increased to Rs96.33 billion during first half of current fiscal year as compared with Rs46.82 billion in the same period of the last fiscal year.

The rise in imported mobile phones was due to sharp decline in Pak Rupee during the period.

According to State Bank of Pakistan (SBP) the exchange rate in December 2019 was Rs154.92 to the dollar as against the exchange rate of Rs138.47 in December 2018.

In terms of US dollar the growth in imported mobile phones is still significant. The country spent $616.14 million during first half of current fiscal year as compared with $364.04 million in the corresponding period of the last fiscal year, showing growth of 69 percent.

Despite this growth, the government reduced withholding income tax and sales tax on imported mobile phone.

Through Tax Laws (Second Amendment) Ordinance, 2019 the government reduced sales tax and withholding income tax on import of mobile phones. The FBR attributed the reduction to promote digital economy in the country.

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